Turkish Lira Tumbles After Trump Terminates Preferential Trade Agreement In Retaliation For S-400 Order | WHAT REALLY HAPPENED

Turkish Lira Tumbles After Trump Terminates Preferential Trade Agreement In Retaliation For S-400 Order

For months, the Trump administration had been warning, at first, then outright threatening Turkey against following through with an agreement struck last year to purchase the advanced Russian S-400 missile defense system, and despite several "fake news" reports that Erdogan had canceled the deal with Moscow, Turkey ultimately said it would go ahead and receive the Russian missiles, demonstrative flipping off its NATO allies.

But if Erdogan was hoping that Trump would be all bark and no bite when it comes to retaliating against this painfully obvious snub of its "western" allies, well he had another thing coming.

Late on Thursday, the Turkish lira suddenly tumbled when Washington made it clear that this aggression will not stand, and the White House said it had terminated a preferential trade agreement with Turkey, finding the country no longer needed help as a developing country. However, the US did halve tariffs on Turkish steel from 50% to 25%.

Stating that Turkey received the preferential treatment in 1975 under the Generalized System of Preferences (GSP), which allows products to enter the US duty-free, US President Donald Trump said in the proclamation, "I have determined that, based on its level of economic development, it is appropriate to terminate Turkey's designation as a beneficiary developing country effective May 17, 2019."

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